INGENICO :strong revenue growth in Q1'12

4/19/2012, 5:48 PM (Source: GlobeNewswire)
Ingenico: strong revenue growth in Q1'12







* Q1'12 Revenue : € 239.8 million

* +17.0% on a reported basis
* +11.5% on a comparable basis


* Strong performance in Europe and Latin America

* Recovery confirmed in the USA

* 2012 targets confirmed for higher revenue growth than in 2011 and rising
profitability





Paris, April 19, 2012 - Ingenico (Euronext: FR0000125346 - ING) announced today
its first-quarter revenue statement for the quarter ended March 31, 2012.





+-----------+-----+----------------+---------------+-------------+-------------+
| (in | | | Q1'11        | 2012/2011 | 2012/2011 |
|millions of|Q1'12| Q1'11         |       pro | change on | change on |
| euros) | | reported | forma[2] | reported | comparable |
| | | | | basis     | basis1 |
+-----------+-----+----------------+---------------+-------------+-------------+
| Revenue |239.8| 204.9 | 212.0 | +17.0% | +11.5% |
+-----------+-----+----------------+---------------+-------------+-------------+





Philippe Lazare, Chairman and CEO of Ingenico, commented: « The start to this
year is very good. The commercial performance confirms the group's good dynamics
supported by all business segments.

In Payment Terminals, we have consolidated our leadership positions in Europe
and benefited from growth in emerging markets. We are also well advanced in the
recovery of our activity in the USA.

In Transactions Services, we have continued to leverage growth in all segments,
with the result that recurring business accounts for a growing share of total
revenue.

Performance achieved in the first quarter allows us to confirm our 2012 targets
to deliver higher growth than in 2011 while continuing to improve profitability.
»






Q1'12 revenue



To facilitate the assessment of Ingenico's performance in 2012, revenue for
2011 have been restated from January 1, 2012 to reflect the change in the scope
of consolidation which have occurred during 2011 fiscal year: acquisition of
TNET, Paycom and Xiring.

Following IAS 18, revenue from certain activities related to transaction
services operated by the Group (TransferTo and "Credit Acquiring" of easycash)
is presented gross without deducting TransferTo's payments to operators and
interchange fees paid by easycash for credit acquiring, respectively.

EBITDA is not an accounting term; it is a financial metric defined here as
profit from ordinary activities before amortization, depreciation and provisions
and before expenses of shares distributed to employees and officers.



In 2011, Group changed its internal reporting revenue and therefore its
segmental information in order to reflect its new structure more adequately. As
a consequence, Group created a "Central Operations" division responsible for
internal development and production work on terminals sold to sales
subsidiaries, as well as businesses operated on an international basis and
monitored at Group level, i.e. TransferTo, Xiring and ROAM Data (controlled by
Ingenico since February 10, 2012).





+--------------------+--------------------------------+
| | Q1 2012 |
| +--------------------------------+
|   | M€ Change 2012/2011
| |
| | Comparable1 Reported
+--------------------+
Europe-SEPA 115.7 13.6% 15.8%

Latin America 44.0 16.0% 14.2%

Asia-Pacific 26.0 (31.8%) (26.5%)

North America 16.1 15.1% 19.5%

EEMEA 16.4 59.0% 54.0%

Central Operations 21.6 58.5% 208.1%

Total 239.8 11.5% 17.0%






In the first quarter of 2012, revenue totaled €239.8 millions, supporting a
17.0% increase on a reported basis, and included a positive foreign exchange
impact of €2.5 million. Total revenue included €187.8 million generated by the
Payment Terminal business (hardware, servicing and maintenance) and €52.0
million generated by Transaction Services.



On a like for like basis1, revenue was 11.5% higher than in Q1 2011. This
performance can be attributed to both strong dynamic in payment terminal sales
(up 6.4%1) and accelerating growth in Transaction Services revenue (+35.1%1)
thanks to deployment of easycash and Axis services, along with TransferTo.
Excluding TransferTo, Transaction Services grew organically by 15.6% during the
quarter.



During the quarter, Ingenico leveraged sustained growth, notably in Europe-SEPA
(+14%) where Ingenico has consolidated its payment terminals positions while
expanding its Transactions activity. Activity has significantly recovered in
North America (+15%) based on strong revenue growth in the US market. Ingenico
also continued to leverage emerging markets: strong dynamic in Latin
America (+16%) and EEMEA (+59%) while performance in Asia Pacific (-32%) was, as
expected, impacted by particularly high base in Q1 2011.



In Q1 2012, the share of total revenue generated by servicing, maintenance and
transaction services rose to 34.9%, up by 140 basis points compared with Q1
2011 (on a reported basis).






Performance for the quarter, by geography and on a on a like for like basis1
compared with the first quarter of 2011, was as follows:



* Europe-SEPA (+14%): sustained revenue growth was notably driven by vigorous
sales in the United Kingdom where Ingenico has continued to gain market
shares while consolidating its positions in all other major countries.
Transaction Services business development has been supported by the
expansion of easycash in Germany and other countries, as well as deployment
of Axis services.

* Latin America (+16%): sustained growth is supported by strong sales activity
in Brazil, where Ingenico has continued to leverage market growth.

* Asia Pacific (-32%): as expected, performance in this region is impacted by
unfavorable basis of comparison with the first quarter of 2011 supported by
strong sales in Australia and notably in China (+114%[3]).

* North America (+15%): Ingenico has confirmed its recovery in this region
with revenue almost doubling in the USA driven by deployment of Telium-based
terminals to large retailers. Ingenico has also continued to penetrate the
ISO (Independent Sales Organizations) and acquirors to equip merchants, with
the first customer deployments and an increased pipe of certifications.

* EEMEA (+59%): rapid growth in the region was supported by sustained sales
growth in Russia, the Middle East and South Africa.

* Central Operations (+58%): this division reported high growth due to
expanding business for TransferTo.





Highlights



Deployment of easycash services in the Netherlands

Following the expansion of its services in Belgium and Austria in 2011, the
Group pursues the internationalization of easycash in the Netherlands, one of
the most developed countries in terms of electronic payment usage. The aim is to
deploy the company's "one-stop shop" offer at merchant locations and provide
effective support to its leading customers in the country. First contracts have
already been signed and related services installed.



Strengthening Group presence in Russia and CIS

On April 12, 2012, Ingenico finalized the acquisition of the assets of its
distributor in Russia and the CIS. This operation is in line with the Group's
strategy aimed at reinforcing its direct presence on Payment Terminal market
with strong growth potential, and supporting its sales development observed in a
few quarters. The Group will now address the demand of hundreds of banks with
its POS and solutions offer. A dedicated team joins the Group.





2012 outlook





Performance achieved in the first quarter allows Ingenico, under current
economic uncertainties, to confirm its targets to grow both revenue and
profitability in 2012. Ingenico should post a revenue growth greater than 8.3%
on a comparable basis1 and EBITDA margin of equal or more than 18.3%.





CONFERENCE CALL



A conference call to discuss Ingenico's Q1 2012 revenue will be held on April
19, 2012 at 7.00 p.m., Paris time. Dial-in number: 01 70 99 32 08 (French
domestic) or +44 (0)20 7162 0077 (international). The presentation will also be
available on www.ingenico.com/finance.







This press release contains forward looking statements. The trends and
objectives given in this release are based on data, assumptions and estimates
considered reasonable by Ingenico. These data, assumptions and estimates may
change or be amended as a result of uncertainties connected in particular with
the performance of Ingenico and its subsidiaries. These statements are by their
nature subject to risks and uncertainties as described in Ingenico registration
document ("document de reference"). These forward looking statements in no case
constitute a guarantee of future performance, and involve risks and
uncertainties. Actual performance may differ materially from that expressed or
suggested in the forward looking statements. Ingenico therefore makes no firm
commitment on the realization of the growth objectives shown in this release.
Ingenico and its subsidiaries, as well as their executives, representatives,
employees and respective advisors, undertake no obligation to update or revise
any forward looking statements contained in this release, whether as a result of
new information, future developments or otherwise.













INGENICO - Investor Relations INGENICO - Corporate Communication

Catherine Blanchet Rémi Calvet

Investor Relations Director VP Communication

catherine.blanchet@ingenico.com remi.calvet@ingenico.com

+33 1.58.01.85.68 +33 1.58.01.80.80






Next events



Conference call on Q1'12: April 19 at 7pm (Paris)

Annual Meeting of Shareholders: May 3, 2012

Q2 revenue & H1'12 results: July 26 2012






APPENDIX 1 :

2011 pro forma key financial figures



To facilitate the assessment of Ingenico's performance in 2012, revenue and key
financial figures for 2011 have been restated from January 1, 2011 to reflect
the group's scope of consolidation as of January 1 2012 and presented on an
adjusted basis ("2011 pro forma"), i.e. including the change in the scope of
consolidation which have occurred during 2011 fiscal year: acquisitions of TNET,
Paycom and Xiring.





in millions of euros |2011         |2011           pro forma*|
---------------------------------------+-------------+-------------------------+
Revenue | 1001.1 | 1022.4 |
| | |
Gross profit | 417.1 | 428.7 |
| | |
      As a  % of revenue | 41.6% | 41.9% |
| | |
Adjusted operating expenses | (262.5) | (272.3) |
| | |
Adjusted profit from ordinary | 154.6 | 156.4 |
activities | | |
| | |
Adjusted margin on ordinary activities| 15.4% | 15.3% |
---------------------------------------+-------------+-------------------------+
EBITDA | 183.6 | 188.2 |
| | |
       As a  % of revenue | 18.3% | 18.4% |
---------------------------------------+-------------+-------------------------+



* Group scope as of January 1(st), 2012





Pro forma quarterly revenue:



+--------------------+---------+---------+---------+---------+---------+
| | Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | 2011 |
| | | | | | |
|in millions of euros|pro forma|pro forma|pro forma|pro forma|pro forma|
+--------------------+---------+---------+---------+---------+---------+
|Europe-SEPA | 101.3 | 115.8 | 107.7 | 133.0 | 457.8 |
+--------------------+---------+---------+---------+---------+---------+
|Latin America | 38.5 | 40.1 | 40.5 | 54.3 | 173.4 |
+--------------------+---------+---------+---------+---------+---------+
|Asia-Pacific | 35.4 | 33.2 | 45.2 | 54.0 | 167.8 |
+--------------------+---------+---------+---------+---------+---------+
|North America | 13.5 | 16.3 | 19.4 | 28.3 | 77.5 |
+--------------------+---------+---------+---------+---------+---------+
|EEMEA | 10.7 | 21.4 | 19.3 | 26.0 | 77.4 |
+--------------------+---------+---------+---------+---------+---------+
|Central Operations | 12.6 | 15.1 | 22.1 | 18.8 | 68.6 |
+--------------------+---------+---------+---------+---------+---------+
|Total | 212.0 | 241.9 | 254.2 | 314.4 | 1 022.4 |
+--------------------+---------+---------+---------+---------+---------+




















--------------------------------------------------------------------------------

[1] Like-for-like, i.e. based on a comparable structure and identical exchange
rates

[2] Revenue reflecting group's scope as of January 1, 2012. See Appendix n°1

[3] Like-for-like growth excluding contribution of TransferTo reclassified in
Central Operations




INGENICO:
http://hugin.info/143483/R/1604261/507532.pdf



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